The survey commissioned by American Express with the Centre for Economics and Business Research (CEBR) is based on responses from 513 entities across sectors and industries and includes sole enterprises, micro businesses, small and medium businesses as well as large businesses.
As per the survey, 34% businesses that haven’t fully automated their payments are seeking partners for the purpose. “A substantial 84 per cent of Indian businesses have taken steps to partially automate payments to their suppliers, with 39% achieving full automation of their payment processes,” Manish Kapoor, VP and Head, Global Commercial Services (GCS), American Express Banking India, said.
As the business landscape becomes increasingly competitive, Kapoor said, “The need to adopt smarter and more efficient payment solutions becomes paramount. “For example, corporate cards, with their offering of extended payment terms, rewards on B2B expenditures, and seamless payment convenience, can make their spends more rewarding and efficient, effectively earning as they spend,” he said.
The survey further said 58% of those who have fully automated payment processes said they have seen faster and more accurate invoicing. As per the survey, 86% of the businesses said they either plan to start automating or increase the level of automation for receiving payments from customers.